Do you just ignore your credit card bill?
Worrying new research from fairinvestment.co.uk has found that 13 per cent of people in it’s survey simply choose to ignore their credit card bills. Even more concerning is that these people also live in the false hope that their credit card bill will magically disappear! I cannot believe that people are so irresponsibly with their spending and ultimately their debts.
Treating debt like this is a sure fire way to land yourself in very hot water. Lenders are tightening their lending criteria so it’s becoming much harder to get a loan. People who ignore their credit card bills and then think applying for a loan to consolidate debts may find themselves with a declined loan application; especially if they have charges and late payments damaging their credit rating from previously ignored credit card bills.
There are, however, around 60 per cent of credit card customers doing the right thing and clearing their credit card bills in full, every month. Director at Fairinvestment.co.uk, James Caldwell said: “With the encroaching credit crunch being felt by consumers through the price of credit and the bills that come through their front door, it is uplifting to see that more than half of credit card customers can still afford o clear their balance each month and are not relying on their credit card for day-to-day essentials, getting further and further into debt.”
As I keep saying, you should seek professional advice if you’re worried about keeping up with repayments on loans, credit cards, your mortgage or any other form of borrowing.